BERLIN, April 3 (Xinhua) -- Germany's automotive industry witnessed a notable improvement in its business climate in March as the corresponding indicator surged by 4.1 points to reach minus 5.8 points, the German ifo institute reported on Wednesday.
"The German automotive industry seems to have finally emerged from its economic low in the second half of 2023 and is looking to the future with more confidence," Anita Woelfl, an expert at ifo, said.
Business expectations for the following six months were considerably more positive, but still lingered in negative territory. The indicator rose from February's minus 29.5 points to minus 18.7 points last month.
The export outlook is particularly promising, with the indicator displaying a positive double-digit balance for the first time in almost a year, according to the ifo.
This optimism can be attributed in part to the positive developments in China and the United States, identified as "the two most critical sales markets for the German automotive industry."
Recent months have seen fewer challenges in the supply of key intermediate products, indicating that the efforts made by Germany's car industry to bolster supply chains since the onset of the pandemic are starting to pay off, Woelfl noted. ■
